Defence Production to reach USD 26 billion by 2025, says Defence Minister Rajnath Singh

No.PR-72

October 4, 2019

New Delhi

Defence Production to reach USD 26 billion by 2025, says Defence Minister Rajnath Singh

India has set the target to reach USD 26 billion in defence production by 2025 by encouraging private sector participation in the defence and homeland security sectors, said Union Defence Minister Rajnath Singh. He was speaking at the 22nd India International Security Expo, 2019, organized jointly by India Trade Promotion Organization (ITPO) and the PHD Chamber of Commerce and Industry (PHDCCI) at Pragati Maidan here today.

The three-day expo-cum-conference is focused on defence and homeland security in India. Endorsed by the Ministry of Defence, Ministry of Home Affairs, Ministry of MSMEs and Ministry of External Affairs, DRDO, UPEIDA, States of Uttar Pradesh and Tamil Nadu for promoting their defence industrial corridors, endorsement by Invest India as the Facilitation Partner for Investment.

The Expo 2019 has participants and delegates representing the Centre, and state governments, delegates from 12 countries, armed forces, paramilitary forces, state police, among others, along with significant participation form industry stakeholders from across the world.

Shri Rajnath Singh, Hon’ble Defence Minister, Government of India, said that the development of Indian Defence and Homeland Security is necessary for nation building. India’s defence sector has been identified as one of the most promising sectors under the “Make in India” mission to achieve USD 5 trillion economy by 2024-25. The sector is contributing to external and internal peace and security contributing towards strong socio-economic development of the country.

He said, “The Ministry has taken many steps to boost MSMEs in the defence sector and liberalized industrial licences. I am confident that the 22nd India International Security Expo, 2019 will provide a focused and effective platform to all the stakeholders for fruitful deliberations on strengthening India’s Defence and Homeland Security.”

Shri Rajesh Agrawal, IAS, Executive Director, ITPO, expressed heartfelt gratitude towards the Hon’ble Rajnath Singh for gracing the EXPO with his kind presence and said that his presence is itself is an inspiration and will go a long towards organizing such expos on a much bigger scale.

Dr D K Aggarwal, President, PHD Chamber of Commerce and Industry said that defence manufacturing will play a pivotal role in making India a USD 5 trillion economy. “The Government is continuously pursuing initiatives to achieve higher levels of indigenization and self-reliance in the defence sector by harnessing the capabilities of the public as well as private. I firmly believe that the Indian defence industry will showcase its potential and reach a higher growth trajectory with contribution from all the industry segments including the MSMEs,” he said

Shri Sanjay Aggarwal, Senior Vice President, PHD Chamber, extended his vote of thanks and said that the Indian Defence industry has immense capabilities and the potential to export significantly in the years to come. There will be a trade balance in the exports and imports of defence products in the next few years, said Shri Sanjay Aggarwal

Shri Rajiv Bhatnagar, Chairman, PHD Defence & HLS Committee, said that over the past few years, India has made significant contributions in the development of indigenous defence system and technologies. “Make in India” has relaxed FDI norms and streamlined licensing requirements have fueled the exponential growth of defence industrial base in India.

Lt Gen Subrata Saha, PVSM UYSM YSM VSM (Retd.), Member – NSAB & Chief Mentor, PHD Defence & HLS Committee, urged all the industry participants, policy makers, armed forces, academia and other stakeholders to take the advantage of the platform provided by 22nd IISE, 2019 to connect and create capabilities for India’s Defence and Homeland Security.

Ends.

Media Division

PHDCCI